Connect with us

Cyber Crime

Chartered Accountant Becomes Victim of a Rs. 3.4 Crore Stock Market Cyber Scam



Pune: A chartered accountant was deceived out of Rs 3.4 crore through a scheme involving fake share trading tips. The Pune cyber crime police station is currently investigating the case, following a complaint lodged by the 49-year-old victim, an employee of a private company in the city.

The fraud began in February when the accountant encountered an advertisement on Facebook for an app-based stock trading platform. After clicking the link, he was added to a WhatsApp group falsely associated with a prominent London-based asset management firm. The group frequently posted about substantial profits from investments, enticing the victim.

Scheme Involving Fake Apps and Investment Tips

The accountant was persuaded to download an app and enter his financial details, under the guise of participating in ‘block trade’ and ‘upper circuit trading’ opportunities. Over one month, he made numerous transactions ranging from Rs 50,000 to Rs 1 crore, accumulating to Rs 3.4 crore, funded partly by loans exceeding Rs 2 crore from various banks.

Initially, the app displayed high returns on his investments. However, when he attempted to withdraw funds, he was informed that a donation to a charity was necessary first. This led him to scrutinize the trading platform further, revealing the fraudulent nature of the operation. He then reported the matter to the cyber crime unit, prompting an investigation and the registration of an FIR.

The Securities and Exchange Board of India (SEBI) has issued a warning about the rise of online share trading scams, noting that criminals often masquerade as SEBI-registered entities and exploit social media to lure victims with the promise of unrealistic returns.

Follow on

 Telegram | Facebook | Twitter | LinkedIn | Instagram | YouTube

Continue Reading